Birmingham financier makes £2.1m investment in box manufacturer
Box manufacturer ASC Cartons, based in Bradford, has received a £2.1m investment from Birmingham’s Frontier Development Capital (FDC) to part fund a management buy-in.
The MBI will see GIL Investments and chairman of Sandland Packaging Limited – Robin Welch, take the helm of the bespoke box manufacturer, Celia McKrieth-Deane moves into the role of commercial director and Ashley Power joins the board as operations director.
Both Andrew Woodhead and Karl Wilson remain with the business in advisory roles.
ASC Cartons operates from a 50,000 sq ft site.
Welch said: “This MBI starts an exciting new chapter for ASC Cartons and we’re thrilled to be getting involved at such a pivotal time for the business. We are planning to continue developing the business alongside the current management team and hone in on the growing appeal of cardboard as a sustainable packaging option.
“The debt funding provided by Frontier Development Capital helped us to realise our aims and coordinate a smooth deal. We look forward to bringing our combined experience together and help continue to grow and seize the opportunities ahead.”
Simon Kelsall, investment director at Frontier Development Capital, said: “ASC Cartons has a proud history and strong track record, with the success of its online presence and well-established customer base offering robust platforms for further growth.
“FDC prides itself on providing flexible debt funding to ambitious mid-market SMEs across the country and supporting this MBI reflects this commitment. We look forward to continuing our partnership with ASC Cartons as it looks to seize upcoming growth opportunities afforded by the changing consumer spending habits.”
Advisors that also worked on the transaction were Scofield Sweeny (Legal) & Naylor Wintersgill (Accountancy), as well as Lucy Freeman (Wilkes), Graham Spalding (Lodders) and Pippa Hawkes (BSN).